Max Estates Q2 Results 2026: PAT ₹5 Cr −40%, Revenue ₹53 Cr +8%
Q2 FY27 earnings call: what management said on revenue, margins and capex.
- Revenue
- ₹53Cr
- +8.2% YoY
- +1.7% QoQ
- Net profit
- ₹5Cr
- −40.1% YoY
- −44% QoQ
- Margin
- 9.91%
- −10.8 pp YoY
- −5.7 pp QoQ
Guidance rank: #12 of 43 in Realty
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Max Estates Ltd Q2 FY27 key numbers
- Revenue
- Company has a GDV pipeline of close to INR29,000 crores, with INR14,000 crores worth of projects already acquired and ready for launch.
As stated in Max Estates Ltd's Q2 FY27 earnings call transcript · published 4 Nov 2026. Reported figures, not investment advice.
The short version
Max Estates expects continued robust demand and growth despite a consolidating NCR market. Contracted revenue of INR15,700 crores with an embedded PBT of INR4,800-5,700 crores yet to be recognized, beginning FY28.
From Max Estates Ltd's Q2 FY27 earnings-call transcript · updated 11 Nov 2026.
How did Max Estates' revenue grow in the September 2026 quarter?
- Max Estates expects continued robust demand and growth despite a consolidating NCR market.
- Presales have shown strong performance, with INR2,100 crores in Q2 and about INR3,200 crores in H1 FY27, already 60% of full-year FY26 presales.
- Company has a GDV pipeline of close to INR29,000 crores, with INR14,000 crores worth of projects already acquired and ready for launch.
- Plans to add 2 to 3 million sq ft of residential development annually, sustaining pipeline growth.
- Revenue recognition will begin flowing from FY28 onwards as deliveries commence, particularly starting with Estate 128.
- Commercial rental income targeted to scale from approx. INR700 crores currently to beyond INR1,000 crores in the near term.
2 more points from Max Estates Ltd's call on revenue
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What happened to Max Estates' margins in Q2 FY27?
Contracted revenue of INR15,700 crores with an embedded PBT of INR4,800-5,700 crores yet to be recognized,…
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What capex is Max Estates planning?
- Max Estates plans a construction spend of over INR1,500 crores in FY27.
- They are actively pursuing business development, targeting to add 2 to 3 million square feet annually.
- The company has a robust pipeline with a GDV of about INR29,000 crores from already acquired projects awaiting launch.
- New acquisitions include:
- 9.7 acres in Ghaziabad with estimated GDV of INR2,500 to 3,000 crores (subject to approvals).
- 84.7 acres in West Delhi.
- Land parcel in Sector 132, Noida (commercial project) pending final approvals.
2 more points from Max Estates Ltd's call on capex
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Top-ranked in Realty
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Is Max Estates raising money or cutting debt?
As of September 30, 2026, Max Estates had external debt of INR2,100 crores, including INR950 crores of…
Locked: what Max Estates Ltd said on fundraising
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How big is Max Estates' order book?
- Max Estates has approximately INR 29,000 crores of Gross Development Value (GDV) available in its pipeline as of Q2 FY27.
- The company aims to add 2 million to 3 million square feet of residential development annually.
- They have already acquired 4 projects valued at about INR 14,000 crores ready for launch.
- Current projects under active discussion include two in Noida: 0.5 million square feet under regulatory approval and 1.7 million square feet in auction.
- The company continues to focus on business development to add new projects yearly, supported by a strong balance sheet.
2 more points from Max Estates Ltd's call on order book
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What the Q2 FY27 call signalled
3 of 4 strong
Max Estates Ltd — Quarterly revenue & net profit
Max Estates Ltd Q2 FY27 results — key figures
| ₹ Cr | Q2 FY27 |
|---|---|
| Revenue | 53 |
| Operating profit (EBITDA) | 5 |
| Operating margin | 9.9% |
| Profit before tax | 7 |
| Net profit (PAT) | 5 |
| EPS (₹) | 0.29 |
Source: Max Estates Ltd's results filing to NSE (consolidated), ₹ crore.
Reported quarterly figures (₹ Cr). Latest (Q2 FY27): revenue ₹53 Cr, net profit ₹5 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
Full financials →More Q2 FY27 results in Realty
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What Max Estates's management said in earlier quarters
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- Landmark Property Development Company (Q2 FY27)
EBITDA: Rs 76.4 crore for the quarter, up 776% year-on-year (y-o-y). Key results statement takeaways from Landmark Property Development Company Ltd's Q2 FY27 ea
- Shriram Properti (Q2 FY27)
Q2 FY27 Operating Revenues: ₹266.1 Cr, up 21% YoY (Page 12) . Key investor presentation takeaways from Shriram Properties Ltd's Q2 FY27 investor presentation —
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
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Frequently Asked Questions
What were Max Estates Ltd Q2 FY27 results?
Max Estates expects continued robust demand and growth despite a consolidating NCR market. Contracted revenue of INR15,700 crores with an embedded PBT of INR4,800-5,700 crores yet to be recognized, beginning FY28.
What is Max Estates Ltd share price analysis?
Max Estates Ltd currently shows a moderate growth signal based on ranking data. The stock trades at a P/E of 1265.8 with a market cap of ₹8,645 Cr. Investors should review the full earnings analysis for detailed insights.
Is Max Estates Ltd planning capital expenditure?
Max Estates plans a construction spend of over INR1,500 crores in FY27.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.